FXStreet reports that the Credit Suisse analyst team notes that GBP/USD has broken below its recent low at 1.3786 – which should lead to further weakness within the range. The next support is seen at the more important 1.3369/48 zone, which is a major medium-term inflection point.

“We look for a move to minor support at 1.3717 next and likely the more important April low, 200-day average and 38.2% retracement of the rally from last September at 1.3669/48, where we would look for a more important floor.”

“It’s worth highlighting that a break below 1.3669/48 would complete a major ‘double top’, however this is viewed as a risk scenario for now.” 

“Short-term resistance moves to 1.3873/86, which now ideally caps to maintain the short-term downward pressure.”